The logo of a Tesla electric vehicle is placed on a car outside a dealership in Drogenbos, Belgium Nov 25, 2023.WILMINGTON, Delaware — Tesla and opponents of Elon Musk's compensation clashed on Friday over ways to resolve the legal quagmire that has engulfed the CEO's US$56 billion pay package and billions of dollars in potential legal fees generated by the case.
In response, shareholder attorneys said the vote to ratify Musk's pay has no legal effect and the only way for Tesla to challenge the January ruling is to appeal to the Delaware Supreme Court. They had previously asked for 29 million shares of Tesla stock, which is worth more than US$5 billion. But on Friday they said Tesla could as an alternative pay at least US$1.1 billion in cash, which would be justified by the court's precedent, although they described that as "unfairly low."
Source: Law Daily Report (lawdailyreport.net)
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